Facts about Optometry Billing, Collections and RCM

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Facts about Optometry Billing, Collections and RCM

• The demand for vision care is increasing, and
  indeed exceeding the current resources available
  in the US. As there are more than 7,000
  optometrists in communities throughout the US
  which leads to better geographical distribution,
  they are more reachable than other eye care
  experts.
• In fact, about 4,500 of these communities have
  access to only optometrists as primary vision
  care providers. According to a report, The
  Bureau of Labor Statistics expects more than 24
  percent growth, or 8,500 new jobs, for the
  profession through 2018.
• It is a known fact that apt billing, coding, and
  sound documentation ensure the success
  of optometry billing services and enhancement of
  compensation.
• Facts of optometry billing and collections
• The value of the vision industry is approx. 36
  billion (15 billion services, 21 billion sale
  of lenses and glasses).
• A growth of approx. 1 to 2 is expected in the
  near future.
• Optometrists cover around 14 billion annually in
  vision services and product spending.

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Facts about Optometry Billing, Collections and RCM

• The annual growth from 2011 to 2016 has been in
  the range of 3.4.
• Optometrists are the third-largest independent
  healthcare professionals in the US.
• It is important for billers and coders to be
  updated at all times as insurances such as
  Medicare and other rules constantly change.
• As eye care is a large market, revenues can be
  increased per patient visit wherein wealthy
  patients cater to generating higher revenue
  (80/20) as per other customers.
• The sale of eyeglasses tends to garner the
  highest share on revenues as also the sale of
  contact lenses that contributes to the growth of
  the optometric practice.
• In the optical chain market, the low-price mass
  merchandisers tend to gain the maximum revenues
  as they have a strong supply chain advantage.
• A very basic question that results in revenues is
  a patient/customer who visits for only an eye
  test can be asked if he/she is looking towards
  buying new glasses on that particular day.
  Optometrists must aim for 500 gross revenue per
  exam.
• Gross revenue can be measured in two ways
  optical and clinic. Optical revenue per exam
  measures the net production from the sale of
  frames, lenses, and accessories (i.e. patient
  contribution reimbursement from a third party,
  including dispensing fees) divided by the number
  of refractions within a time period.

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Facts about Optometry Billing, Collections and RCM
Whereas Clinic revenue per exam measures the net
production of all professional fees and the sale
of contact lenses (i.e. patient contributions
reimbursements from a third party for
professional fees and contact lens materials)
divided by the number of refractions within a
time period. (optometricmanagement.com).   Lack
of attention to this medical practice can create
dissatisfaction and lower revenues, hence
optometrists need to differentiate their services
to attract patients and increase collections.
This along with, as aforementioned, a
sound Optometry medical billing and
coding practice can significantly improve
collections bringing in higher profitability.